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Posted on 11/23/2021 11:07:27 AM PST by [BenLurkin](/~benlurkin/)
The bill — called Cryptocurrency & Regulation of Official Digital Currency Bill 2021 — will also create a “facilitative framework” for the creation of the official digital currency for the country, the legislative agenda adds.
Lawmakers in India have for several quarters been discussing risks of cryptocurrency trading and trialing a central government-backed digital currency.
An increasingly growing number of Indians, many of whom have never invested in the stock market or any other asset class, have started to trade cryptocurrencies in recent quarters, prompting concerns among some that they might end up losing their money.
Local cryptocurrency exchanges have reported growing volumes of transactions and user bases this year and raised record capital from high-profile investors.CoinDCX, backed by B Capital, and CoinSwitch Kuber, backed by a16z and Coinbase Ventures, became unicorns this year.
(Excerpt) Read more at techcrunch.com …
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Gotta have control babycakes!
Every time China banned crypto the BTC went way up.These stupid tyrants never learn.They can’t control or stop this.
I had this conversation with my neighbor this morning, her son just got a big time job with Coinbase which is a big Crypto Currency company based in SFO…
She disagreed when I said, it was great that her son got the big time job, but at some point governments around the world will ban crypto currencies….
Every country has a central bank and then there is a central bank of central banks in the Bank of International Settlements (BIS)….
The US Federal Reserve and other Central Banks will eventually move to ban Crypto currencies when they gain to much independence and start to really damage national currencies….
There is no way China will allow Bitcoin or any other crypto currency to interfere with their economy or damage the Yuan..
Same in the USA if the dollar begins to really suffer because of Crypto Currencies, the Federal Reserve will crush it….
The question is how they will crush it and how long will it take…
IMO, crushing crypto currency would not be difficult, just ban it’s conversion into dollars or refuse to take it as legal tender in any business based in the USA….
Remember in the early 70s Richard Nixon banned the redemption of US dollars for gold and the same thing could happen with crypto currencies, especially if the Federal Reserve and other central banks release their own digital currency…
How are they going to ban it? It is international and a independent network.
You would have to shut down the internet.
It would be like banning the $100 bill.
It would be easy to ban it, remember at one time Gold was legal tender and dollar were convertible to gold which was guaranteed by the Breton Wood agreement at the end of WW II..
Just ban the conversion of it to any national currency and ban it as legal tender…if either happens crypto currencies become worthless….
Very few if any countries will allow anything to interfere with or devalue their nation currencies….
Right now Crypto currencies are a blip on the radar of the dollar or any national currency…when and if that ever changes and nations will have no qualms about banning them.
You think the USA will quietly accept any break in the Petro Dollar as a means of international trade….wars will break out before that happens…
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